Economists usually point to a combination of labor, capital and productivity as key factors in economic growth, but Wells Fargo Chief Economist John Silvia adds another element to the equation: attitude.

He says the Bay Area has the right approach to spur innovation and growth that’s often overlooked by regions around the globe trying to replicate Silicon Valley’s success.

“When you have an educated, innovative workforce, capital and an attitude of entrepreneurship, all of a sudden you’re off and running,” Silvia said when I sat down with him this week. Silvia was in San Francisco to meet with clients and participate in a Commonwealth Club panel discussion on the state’s economy. The Charlotte, N.C.-based economist is very bullish on the Bay Area’s prospects, and not just because his employer (NYSE: WFC) is based here.